Do you have a pending transaction with SSS Loan Restructuring Program or LRP? This is a reminder that you only have until April 1 to settle it. SSS announced the date last March 5 on their Twitter account. This is the last call for the application of LRP with condonation.
SSS Loan Restructuring with Condonation is a way of the agency to help their members who weren’t able to pay their loans from SSS in a timely manner. This program started April of last year where SSS members can avail of. This is especially for members who are having a difficult time paying for their loans because of unforeseen situations like typhoons and earthquakes. Those who had a difficult time in paying now have the chance to continue on with their payments.
What are the qualifications for the SSS Loan Restructuring Program?
- SSS member will qualify if they are living/residing or working in the calamity area that as declared by NDRRMC or National Disaster Risk Reduction and Management Council or as announced by the national government. There must also be an overdue of at least 6 months for the short-term loan.
- If you’re applying for this, you can pay in full your overdue loan within thirty days and there will be no added interest.
- You can apply their installment plan which is up to 5 years. This plan only has a small interest of 3% per year.
- To apply, you should present an accomplished Loan Restructuring Program (LRP) form and valid IDs. A Letter of Authority or LOA should be presented if a representative is bringing your application in your behalf.
Download: LRP form
Through this initiative, more than Php2B has already been collected since 2018. This collection is from the 300,000 SSS members who took advantage of the program during the first 5 months. SSS was able to condone Php4.3B penalties which resulted in Php4.9 restructured loan amounts. Because of this, SSS is encouraging its members to file before April so they don’t miss this chance.